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Financial aid-doesnt-have-to-be-scary

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Financial aid-doesnt-have-to-be-scary

  1. 1. Financial Aid Doesn’t Have To Be Scary!!! Kathy Leaver and Kim Bailey Shelby County Gifted Resource College Advisors
  2. 2. What is Financial Aid? <ul><li>Scholarships </li></ul><ul><ul><li>Merit Based </li></ul></ul><ul><ul><ul><li>Academic </li></ul></ul></ul><ul><ul><ul><li>Leadership </li></ul></ul></ul><ul><ul><ul><li>Service </li></ul></ul></ul><ul><ul><ul><li>Departmental </li></ul></ul></ul><ul><ul><ul><li>Talent/Skill </li></ul></ul></ul><ul><ul><li>Need Based </li></ul></ul><ul><ul><li>Institutional </li></ul></ul><ul><ul><li>Private </li></ul></ul><ul><ul><li>Athletic (register with www.NCAAclearinghouse.net) </li></ul></ul>
  3. 3. What is Financial Aid? <ul><li>Grants </li></ul><ul><ul><li>Federal </li></ul></ul><ul><ul><li>State </li></ul></ul><ul><li>Employment Opportunities </li></ul><ul><ul><li>Work Study </li></ul></ul><ul><ul><li>Summer Internships </li></ul></ul><ul><li>Loans </li></ul><ul><ul><li>Stafford Loans </li></ul></ul><ul><ul><li>Perkins Loans </li></ul></ul><ul><ul><li>PLUS Parent Loan </li></ul></ul><ul><ul><li>Other </li></ul></ul><ul><ul><li>(Federal and state aid along with many university aid and grants are awarded by completing the Free Application for Federal Student Aid at www.fafsa.ed.gov) </li></ul></ul>
  4. 4. Goals of Financial Aid <ul><li>To assist students in paying for their educational investment </li></ul><ul><li>To evaluate the family’s financial ability to pay educational costs </li></ul><ul><li>To distribute limited resources in a fair manner </li></ul><ul><li>To attempt to provide a balance of scholarships, loans, grants, work study, etc. </li></ul>
  5. 5. Cost of Attendance (COA) <ul><li>Tuition and fees </li></ul><ul><li>Housing </li></ul><ul><li>Meal plan and additional food and snacks </li></ul><ul><li>Books and supplies </li></ul><ul><li>Entertainment </li></ul><ul><li>Transportation </li></ul><ul><li>Miscellaneous personal expenses </li></ul><ul><li>Study abroad costs </li></ul>
  6. 6. Definition of Need <ul><li>Cost of Attendance (COA) </li></ul><ul><li>- Expected Family Contibution (EFC) </li></ul><ul><li>________________________________________________ </li></ul><ul><li>= Financial Need </li></ul>
  7. 7. How much will you need?
  8. 8. Why do I have to pay so much? <ul><li>As much as they are able, parents have a responsibility to pay for their children’s education </li></ul><ul><li>Students also have a responsibility to pay for educational costs </li></ul><ul><li>Family’s are evaluated in their present financial condition </li></ul>
  9. 9. How do I qualify? <ul><li>CSS Profile </li></ul><ul><ul><li>www.collegeboard.com </li></ul></ul><ul><ul><li>register now </li></ul></ul><ul><li>FAFSA (Free Application for Federal Student Aid) </li></ul><ul><ul><li>www.fafsa.ed.gov </li></ul></ul><ul><ul><li>register after January 1st </li></ul></ul>
  10. 10. Eligibility <ul><li>Accepted to an eligible program of study </li></ul><ul><li>Must be planning to enroll as a full time student </li></ul><ul><li>US Citizen or eligible non-citizen </li></ul><ul><li>Males must be registered with selective service </li></ul><ul><li>Must not have a drug-related conviction </li></ul><ul><li>Must have a valid social security number </li></ul><ul><li>Must maintain satisfactory academic progress as determined by the higher ed. institution </li></ul>
  11. 11. Role of the Financial Aid Office <ul><li>Determine eligibility after receiving information from FAFSA or CSS Profile </li></ul><ul><li>Create an aid package </li></ul><ul><li>Send award letter to student that includes </li></ul><ul><ul><li>COA </li></ul></ul><ul><ul><li>Student Need </li></ul></ul><ul><ul><li>Types and Amount of Aid Offered </li></ul></ul><ul><ul><li>How and When Aid Will Be Dispersed </li></ul></ul><ul><ul><li>Student Employment Conditions </li></ul></ul><ul><ul><li>Terms and Conditions of Aid Offer </li></ul></ul>
  12. 12. Role of the Student <ul><li>Apply to college </li></ul><ul><li>Talk to your parents about your resources </li></ul><ul><li>Contact financial aid offices at your schools </li></ul><ul><li>Complete the FAFSA and/or CSS Profile </li></ul><ul><li>Review financial aid award letter </li></ul><ul><li>Compare school offers </li></ul><ul><li>Talk to your parents ( AGAIN ) about offers </li></ul><ul><li>Accept or reject offers and return paperwork to schools </li></ul><ul><li>Notify all colleges of your decisions by May 1st </li></ul>
  13. 13. Other Sources of Funds and Financing <ul><li>Resident Assistant Benefits </li></ul><ul><li>PACT </li></ul><ul><li>529 Plans </li></ul><ul><li>University Payment Plans </li></ul>
  14. 14. Other Resources <ul><li>www.fastweb.com </li></ul><ul><li>www.scholarships.com </li></ul><ul><li>www.scholarshiptree.com </li></ul><ul><li>www.finaid.org </li></ul><ul><li>www.studentaid.state.al.us </li></ul><ul><li>www.students.gov </li></ul><ul><li>www.alstudentaid.com </li></ul><ul><li>www.smartmoney.com </li></ul><ul><li>Student/Parent place of employment </li></ul><ul><li>Local business and civic organizations </li></ul>

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